Nifty, Sensex gain over 2% this week

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The benchmarks Nifty and Sensex gained around 2.4% this week on the back of positive global cues.

Among the sectoral indices, the BSE Metal, IT and Oil & Gas were up 3-3.5%. The healthcare index was up 2.7% while the BSE Realty was down 1.7%.

Telecom was the leading space for the week as these companies started bidding for 3G spectrum. Idea Cellular has bid for nationwide 3G spectrum today while Bharti Airtel and Reliance Communications applied yesterday. India's largest telecom operator Bharti Airtel rallied 4.1%, as Bharti has tied up with Apple to sell 3G iPhone in India. Among the others, Idea Cellular and Rel Comm gained over 14.2% and 6.2%, respectively.

Reliance Industries was up 6.7% and Cipla up 5.8%. Tata Steel, Hindalco, Jaiprakash Associates, HUL and Infosys gained 4-5.7%. However, M&M lost 5.9%.
 
Among the broader indices, the CNX Midcap was up 1.3%, the BSE Smallcap was up 0.6% and the Nifty Junior was up 0.8%.

Recently listed, Texmo started profit booking this week, was down 21%. Prism Cement and Indiabulls Real slipped 8%. Moser Baer was down 5%.

However, Usha Martin, S Kumars Nationwide (company will launch Reid & Taylor's IPO in 6-8 months), Jayaswal Neco and Insecticides rallied 31-34%. MSK Projects rose 20%, as Welspun Gujarat will buy 75% stake in the company.